Coronavirus could cause a new euro crisis: Dutch Planning Office
4 years, 7 months ago

Coronavirus could cause a new euro crisis: Dutch Planning Office

NL Times  

The coronavirus crisis could lead to a new euro crisis, the Netherlands office for economic policy analysis CPB said after analyzing the vulnerabilities of the financial system. Despite coronavirus support measures implemented by the government, businesses and households are facing increasing financial difficulties. It showed that a quarter of small and medium sized businesses need more money than support measures provide and will face solvency problems if their turnover is lower than before the crisis for a period of six months. In the first three months of the coronavirus crisis, about 30 percent of Dutch SMEs needed a total of at least 12 billion euros extra than before the crisis.

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History of this topic

Bankruptcies on the rise in the Netherlands; Up 5% in August
1 year, 3 months ago

Bankruptcies on the rise in the Netherlands; Up 5% in August

NL Times  

The number of bankruptcies in the Netherlands has been rising for 16 months in a row, Statistics Netherlands reported on Tuesday. In August, the courts declared 5 percent more companies bankrupt than in July, corrected for the number of court hearing days. “Moreover, August had more court hearing days than in July and June.” The trade sector is also one …

Netherlands in a "mild" economic recession: ING economist
2 years, 2 months ago

Netherlands in a "mild" economic recession: ING economist

NL Times  

The Netherlands is in a mild economic recession, according to ING chief economist Marieke Blom. “I think we have passed the tipping point and are in a mild recession,” Blom said to Nieuwsuur. “But in the third quarter, we see that consumer spending is somewhat lower again.” Based on lower amounts spent and the increase in prices, Blom estimates that …

Impending economic crisis will dwarf coronavirus crisis, says credit insurer Allianz
2 years, 2 months ago

Impending economic crisis will dwarf coronavirus crisis, says credit insurer Allianz

NL Times  

The looming economic crisis will make the coronavirus crisis look like nothing, according to credit insurer Allianz Trade. Rarely have so many negative facts come together simultaneously,” Johan Geeroms, director of risk underwriting in the Benelux for Allianz, said in a press statement. And, partly due to the 10 percent increase in the minimum wage the government announced for next …

Long Covid cost up to €180 billion per coronavirus year
2 years, 4 months ago

Long Covid cost up to €180 billion per coronavirus year

NL Times  

The social costs of Long Covid in the Netherlands could amount to 180 billion euros per coronavirus year, health economist Xander Koolman of the VU Amsterdam said on NPO Radio 1. That lost labor market potential combined with the costs of treatment would result in a social cost of about 180 billion euros per coronavirus year. It could turn out …

Coronavirus support for industry reduces incentives to adapt: central bank
2 years, 9 months ago

Coronavirus support for industry reduces incentives to adapt: central bank

Dutch News  

While government support measures were effective in supporting hard-hit industries in the first year of the coronavirus crisis, they also reduced the incentive for businesses to adapt to change, the Dutch central bank says in a new report. The support measures, the bank says, turned out to be very successful, keeping bankruptcy and unemployment rates low, and allowing the economy …

Coronavirus support for industry reduces incentives to adapt: central bank
2 years, 9 months ago

Coronavirus support for industry reduces incentives to adapt: central bank

Dutch News  

While government support measures were effective in supporting hard-hit industries in the first year of the coronavirus crisis, they also reduced the incentive for businesses to adapt to change, the Dutch central bank says in a new report. The support measures, the bank says, turned out to be very successful, keeping bankruptcy and unemployment rates low, and allowing the economy …

NL may get over €1bn less from EU coronavirus recovery funds
2 years, 11 months ago

NL may get over €1bn less from EU coronavirus recovery funds

Dutch News  

The Netherlands may receive more than €1bn less than expected from European coronavirus recovery funds because the economy has performed better than earlier estimates indicated, finance minister Sigrid Kaag told MPs on Friday The Netherlands had expected some €6bn from Brussels and €5.8bn had been used in calculations for drawing up the new government spending plans. However, the real figure …

NL may get over €1bn less from EU coronavirus recovery funds
2 years, 11 months ago

NL may get over €1bn less from EU coronavirus recovery funds

Dutch News  

The Netherlands may receive more than €1bn less than expected from European coronavirus recovery funds because the economy has performed better than earlier estimates indicated, finance minister Sigrid Kaag told MPs on Friday The Netherlands had expected some €6bn from Brussels and €5.8bn had been used in calculations for drawing up the new government spending plans. However, the real figure …

Netherlands expects €1 billion less in EU Covid support
2 years, 11 months ago

Netherlands expects €1 billion less in EU Covid support

NL Times  

The Netherlands expects to receive over 1 billion euros less in European coronavirus support than previously thought, Finance Minister Sigrid Kaag wrote in a letter to parliament. The Netherlands now expects to receive 4.7 billion euros instead of the 6 billion euros the Cabinet previously assumed. The lower amount is because the Dutch economy sustained less damage from the coronavirus …

Dutch Central Bank slashed 2022 economic forecast; Long-term vision for pandemic needed
3 years ago

Dutch Central Bank slashed 2022 economic forecast; Long-term vision for pandemic needed

NL Times  

The Dutch Central Bank reduced its economic growth forecast for the Netherlands in 2022, predicting that the hard lockdown announced last weekend will be a blow to the Dutch economy. The central bank predicted the country will achieve growth of 2.2 percent next year, down from the 3.6 percent it previously projected. In a hastily produced calculation, Olaf Sleijpen, the …

Germany is on the brink of a winter recession
3 years ago

Germany is on the brink of a winter recession

CNN  

London CNN Business — Germany is teetering on the brink of recession this winter as supply bottlenecks and a wave of new coronavirus cases hobble the economy. “Ongoing supply bottlenecks and the fourth wave of the coronavirus are noticeably slowing down the German economy,” Timo Wollmershäuser, head of forecasts at Ifo, said in a statement. “The strong post-pandemic recovery that …

Covid surge threatens Europe’s economic recovery
3 years, 1 month ago

Covid surge threatens Europe’s economic recovery

CNN  

London CNN Business — A resurgence of coronavirus cases across Europe is feeding fears that the region’s strong economic recovery from the pandemic could be jeopardized by another tough winter. “A stronger expansion of business activity in November defied economists’ expectations of a slowdown, but is unlikely to prevent the euro zone from suffering slower growth in the fourth quarter, …

Dutch economy back to pre-Covid level in 3rd quarter
3 years, 1 month ago

Dutch economy back to pre-Covid level in 3rd quarter

NL Times  

The economy grew by 1.9 percent in the third quarter, bringing it to a higher level than before the pandemic for the first time since the outbreak of the coronavirus crisis, Statistics Netherlands reported. With the new increase, the economy has therefore fully recovered from the coronavirus contraction in the first and second quarter of last year. After that, there …

India Sees 11,850 New Covid Cases; Netherlands Imposes Lockdown as Virus Reaches New High
3 years, 1 month ago

India Sees 11,850 New Covid Cases; Netherlands Imposes Lockdown as Virus Reaches New High

News 18  

European governments are eyeing unpopular Covid curbs, with the Netherlands opting for Western Europe’s first partial lockdown of the winter as EU experts said 10 countries in the bloc were causing “very high concern”. Dutch premier Mark Rutte announced at least three weeks of lockdown measures targeting restaurants, shops and sporting events to curb a record spike in coronavirus infections. …

Dutch go for 'short, sharp shock' as coronavirus cases soar
3 years, 1 month ago

Dutch go for 'short, sharp shock' as coronavirus cases soar

Dutch News  

The Netherlands is pressing ahead with what prime minister Mark Rutte has described as ‘a short, sharp shock’ to drastically reduce contacts between people and hopefully limit the spread of coronavirus. The aim, said Rutte, is to slow the spread of the virus in the coming weeks ahead of the introduction of new laws which are ‘more appropriate given that …

Dutch government considering new coronavirus restrictions
3 years, 2 months ago

Dutch government considering new coronavirus restrictions

NL Times  

The Cabinet is considering a new slate of coronavirus measures to slow down the rapid increase of new infections in the Netherlands. Health Minister Hugo de Jonge made the announcement after meeting with other members of the Cabinet on Monday afternoon, but he did not reveal what new restrictions might entail. He also said vaccinated people are increasingly opposed to …

Gov't Covid support saved at least 65,000 jobs: Planning Office
3 years, 3 months ago

Gov't Covid support saved at least 65,000 jobs: Planning Office

NL Times  

The Dutch government's coronavirus support package saved between 65 thousand and 180 thousand jobs, central planning office CPB calculated. The support package was therefore effective in 2020 - many people kept their income, unemployment did not skyrocket, and few companies went bankrupt, the CPB said, NOS reports. The CPB looked at the NOW scheme for wage support, the TVL scheme …

Government to cut coronavirus lifeline for businesses on October 1
3 years, 4 months ago

Government to cut coronavirus lifeline for businesses on October 1

Dutch News  

The government has confirmed that financial support for businesses hit by coronavirus restrictions will end on October 1. ‘It’s unacceptable and inexplicable that the restrictions are continuing but the support is stopping,’ said chairman Robèr Willemsen. ‘Companies have no reserves and a mountain of debt.’ Travel trade body ANVR said its 800 members were still severely limited by testing regimes …

Government to cut coronavirus lifeline for businesses on October 1
3 years, 4 months ago

Government to cut coronavirus lifeline for businesses on October 1

Dutch News  

The government has confirmed that financial support for businesses hit by coronavirus restrictions will end on October 1. ‘It’s unacceptable and inexplicable that the restrictions are continuing but the support is stopping,’ said chairman Robèr Willemsen. ‘Companies have no reserves and a mountain of debt.’ Travel trade body ANVR said its 800 members were still severely limited by testing regimes …

Corona savings will not be blown on spending sprees: survey
3 years, 4 months ago

Corona savings will not be blown on spending sprees: survey

Dutch News  

People who have saved money during the pandemic are not planning to go on a spending spree, a survey by Dutch central bank DNB has shown. Some 51% of the savings will not be touched, the bank found, while 18% of the money will go on home improvement or towards the cost of buying a house. The DNB said the …

Hotel & Catering sector hit hard by first lockdown; Most bankruptcies since 2013
3 years, 4 months ago

Hotel & Catering sector hit hard by first lockdown; Most bankruptcies since 2013

NL Times  

The first lockdown in the coronavirus pandemic was hard on the Netherlands' catering and hospitality sector. From the third quarter of 2020, the bankruptcies in the catering and hospitality sector started keeping pace with the rest of the economy, with few companies declared bankrupt. The number of company closures in the catering and hospitality sector increased by 12 percent in …

Second Covid recession over: Dutch economy growing again
3 years, 4 months ago

Second Covid recession over: Dutch economy growing again

NL Times  

After half a year of economic contraction, the Dutch economy grew by 3.1 percent in the second quarter of this year, Statistics Netherlands said on Tuesday based on the currently available figures. The Dutch economy is not back to pre-pandemic levels yet, but with coronavirus lockdown measure relaxing, it seems to be heading that way. Compared to the second quarter …

Coronavirus risk level in several Dutch regions could be downgraded next week
3 years, 5 months ago

Coronavirus risk level in several Dutch regions could be downgraded next week

NL Times  

The number of people diagnosed as being infected with the SARS-CoV-2 coronavirus has fallen acutely over the last five days, and the drop could be enough to reduce the warning levels in over a half-dozen regions of the Netherlands. The risk levels are assessed based on number of infections per 100 thousand residents, and the number of Covid-19 hospitalizations each …

Netherlands among countries emerging most strongly from the crisis, Dutch PM says
3 years, 6 months ago

Netherlands among countries emerging most strongly from the crisis, Dutch PM says

NL Times  

The Netherlands might be one of the first countries in the western world to recover from the coronavirus crisis, Dutch Prime Minister Rutte suggested. Rutte said the Netherlands was "in a very good shape" despite the serious consequences of the ongoing health crisis. This was largely due to the billions in coronavirus aid packages quickly set up last year, and …

Dutch economy recovering from Covid crisis faster expected: Rabobank
3 years, 6 months ago

Dutch economy recovering from Covid crisis faster expected: Rabobank

NL Times  

The Dutch economy is recovering from the coronavirus crisis faster than previously thought, Rabobank economists believe. The bank now predicts that the economy will grow by 3.8 percent this year, up from its previous expectation of 2.3 percent growth for 2021, ANP reports. In addition, the Dutch economy turned out to be more resilient than previously thought, the bank stated. …

Netherlands may relax more coronavirus restrictions on June 5
3 years, 7 months ago

Netherlands may relax more coronavirus restrictions on June 5

NL Times  

The Dutch government could press forward with the third step of its lockdown easing plan on Saturday, June 5, four days earlier than planned. Restrictions involved in that stage include allowing many cafes and restaurants to serve customers indoors, permitting indoor cultural institutions to open back up, and allowing people to host a maximum of four guests in their home …

Dutch gov't needs to keep Covid support for businesses going: Banks
3 years, 9 months ago

Dutch gov't needs to keep Covid support for businesses going: Banks

NL Times  

Businesses are still taking out loans and applying for payment pauses from banks to get through the coronavirus pandemic. "Continuing the government support package is therefore essential," Chris Buijink of the Dutch association of banks NVM said in a statement. Since the start of the crisis, about 52 thousand companies received loans from Dutch banks, totaling in around 44.3 billion …

NL sees fewest bankruptcies since 1991, despite pandemic
3 years, 11 months ago

NL sees fewest bankruptcies since 1991, despite pandemic

NL Times  

Despite the pandemic putting pressure on the Dutch economy, 2020 saw remarkably few Dutch businesses go bankrupt. A total of 2,703 companies were declared bankrupt last year, 16 percent less than in 2019 and the lowest number since 1991, Statistics Netherlands reported on Tuesday. The stats office attributed the low number of bankruptcies to the coronavirus support measures the government …

Lockdown extension will push Dutch economy into recession: Economists
3 years, 11 months ago

Lockdown extension will push Dutch economy into recession: Economists

NL Times  

If Prime Minister Mark Rutte extends the current hard coronavirus lockdown as he is expected to announce in a press conference on Tuesday, it will push the Dutch economy into a recession, NU.nl reported after speaking to economists from ING and Rabobank. The economists expect that the economy shrank in the last quarter of 2020, due to the stricter coronavirus …

Cafes, restaurants and hotels make half of requests for coronavirus support
4 years, 1 month ago

Cafes, restaurants and hotels make half of requests for coronavirus support

Dutch News  

Almost half the requests for help with paying wages by companies hit by coronavirus have come from the hospitality sector, payment agency UWV has said. Payroll Meanwhile, according to the Volkskrant, payroll companies have been able to claim millions of euros in government coronavirus support, despite new regulations which are supposed to make payrolling less attractive. Although there are no …

Economic growth will be slower next year due to second coronavirus wave: CPB
4 years, 1 month ago

Economic growth will be slower next year due to second coronavirus wave: CPB

Dutch News  

The Dutch economy will contract 4.2% this year, slightly less than expected, the government’s macro-economic think-tank CPB said in its latest forecasts. However, the CPB said, the second coronavirus wave will mean the recovery next year will be slower than forecast earlier. Unemployment will increase to more than 6% in 2021, affecting particularly young people, employees on a flexible employment …

Dutch gov't taking risks in providing Covid support: Court of Audit
4 years, 1 month ago

Dutch gov't taking risks in providing Covid support: Court of Audit

NL Times  

In providing coronavirus support loans and guarantees to companies, the government is not consistently following the rules meant to make sure that Ministers don't take major risks with such financial transactions, the Court of Audit said on Wednesday, NOS and the Volkskrant report. Over the past months, the government provided 62.7 billion euros in loans and guarantees, mainly to businesses …

Economic impact of coronavirus will hit next year, experts say
4 years, 1 month ago

Economic impact of coronavirus will hit next year, experts say

Dutch News  

Despite the slight drop in the unemployment rate this week, and signs of a speedier economic recovery from the coronavirus crisis, the big hit will be felt in the second quarter of next year, according to experts. In total, 102 banking, legal and investment experts took part in a survey on the likely impact of the crisis carried out by …

Best ever quarterly improvement for Dutch economy; Not enough to make up for pandemic
4 years, 1 month ago

Best ever quarterly improvement for Dutch economy; Not enough to make up for pandemic

NL Times  

After an unprecedented contraction in the second quarter of this year, the Dutch economy showed the best ever improvement in the third quarter, growing by 7.7 percent. While the Dutch economy is performing better than average in the European Union, the growth in July, August and September was not enough to make up for the pandemic-triggered contraction in the first …

EU cuts 2021 economic outlook as virus spreads
4 years, 2 months ago

EU cuts 2021 economic outlook as virus spreads

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ …

Coronavirus France: Macron's 5,000-a-day cases target is impossible, scientific adviser says
4 years, 2 months ago

Coronavirus France: Macron's 5,000-a-day cases target is impossible, scientific adviser says

Daily Mail  

French lockdown restrictions due to come into force Friday morning at 00:01am Emmanuel Macron's target of slashing France's coronavirus infections to 5,000 a day is impossible to achieve in the month-long lockdown he announced last night, his top scientific adviser said today. French leader Emmanuel Macron last night announced a new nationwide lockdown, claiming that 400,000 people will die of …

Government borrowing has hit £208billion in six months of coronavirus crisis
4 years, 2 months ago

Government borrowing has hit £208billion in six months of coronavirus crisis

Daily Mail  

The government has borrowed more than £208billion over six months to manage the crippling economic effects of the coronavirus crisis. National debt hit £2.06trillion at the end of last month, equivalent to 103.5 per cent of the size of the whole economy. There have been predictions that the situation will get even tougher as millions face unemployment as the economy …

Government borrows more than a billion pounds PER DAY during coronavirus crisis
4 years, 2 months ago

Government borrows more than a billion pounds PER DAY during coronavirus crisis

Daily Mail  

The crippling impact of coronavirus on the public finances was laid bare today after new figures showed the government borrowed more than £208billion over six months. Another £36.1billion was borrowed in September - the third-highest month on record and compared to just £7billion a year ago - as tax revenues slumped and the Treasury poured out bailout money. Another £36.1billion …

‘Only a crisis produces real change.’ What will coronavirus bring?
4 years, 2 months ago

‘Only a crisis produces real change.’ What will coronavirus bring?

The Independent  

There is no magic money tree,” former prime minister Theresa May smugly proclaimed in her 2017 election campaign. The prospect of reconsidering the global distribution of wealth has suddenly shifted from former US president Barack Obama’s “hope” to his “yes we can” attitude. Even Donald Trump’s “make America great again” mantra is largely focused on the economy, with GDP being …

Paris Under Curfew: Europe Reacts As Countries See Highest-Ever Coronavirus Numbers
4 years, 2 months ago

Paris Under Curfew: Europe Reacts As Countries See Highest-Ever Coronavirus Numbers

NPR  

Paris Under Curfew: Europe Reacts As Countries See Highest-Ever Coronavirus Numbers Enlarge this image toggle caption Chesnot/Getty Images Chesnot/Getty Images Coronavirus restrictions are taking effect in the Netherlands, the U.K., the Czech Republic and other parts of Europe on Wednesday as nations try to reverse an alarming wave in new cases. Sponsor Message Europe's infection rate "has been increasing for …

Tougher coronavirus measures on their way as cases continue to top 6,000
4 years, 2 months ago

Tougher coronavirus measures on their way as cases continue to top 6,000

Dutch News  

The Dutch cabinet is set to introduce new measures to combat the spread of coronavirus on Tuesday, and these are likely to include more restrictions on movement, Dutch media report on Monday. A number of ministers held five hours of informal talks with prime minister Mark Rutte at his official residence on Sunday and the government’s OMT coronavirus advisory team …

Tougher coronavirus measures on their way as cases continue to top 6,000
4 years, 2 months ago

Tougher coronavirus measures on their way as cases continue to top 6,000

Dutch News  

The Dutch cabinet is set to introduce new measures to combat the spread of coronavirus on Tuesday, and these are likely to include more restrictions on movement, Dutch media report on Monday. A number of ministers held five hours of informal talks with prime minister Mark Rutte at his official residence on Sunday and the government’s OMT coronavirus advisory team …

Dutch coronavirus figures are 'very bad', Rutte says. Weekend will be crucial
4 years, 3 months ago

Dutch coronavirus figures are 'very bad', Rutte says. Weekend will be crucial

Dutch News  

New coronavirus measures cannot be avoided in the Netherlands if there is no improvement in the number of new infections in the coming 24 to 72 hours, prime minister Mark Rutte told reporters after the weekly cabinet conference. Although the increase on Thursday’s total is 154, well down on the shock 800 increase between Wednesday and Thursday, Rutte said that …

Dutch coronavirus figures are 'very bad', Rutte says. Weekend will be crucial
4 years, 3 months ago

Dutch coronavirus figures are 'very bad', Rutte says. Weekend will be crucial

Dutch News  

New coronavirus measures cannot be avoided in the Netherlands if there is no improvement in the number of new infections in the coming 24 to 72 hours, prime minister Mark Rutte told reporters after the weekly cabinet conference. Although the increase on Thursday’s total is 154, well down on the shock 800 increase between Wednesday and Thursday, Rutte said that …

Dutch have few ‘zombie companies’ but wave of bankruptcies is around the corner
4 years, 3 months ago

Dutch have few ‘zombie companies’ but wave of bankruptcies is around the corner

Dutch News  

Dutch government measures to bail out companies hit by the coronavirus crisis have not created large number of zombie companies compared to other European countries but this year will see a big increase in bankruptcies, the Financieele Dagblad said on Tuesday. Figures from credit insurer Atradius published in economic journal ESB show that the Dutch approach to the crisis has …

Dutch gov't not transparent about corona crisis costs: Council of State
4 years, 3 months ago

Dutch gov't not transparent about corona crisis costs: Council of State

NL Times  

The government is not being transparent enough about the costs of the coronavirus crisis, and what the billions of euros in support packages now will mean for the next generation, the Council of State said about the 2021 Budget. "Nobody is talking about what it all costs," Council of State president Thom de Graaf said to NOS. "At the moment, …

King Willem-Alexander's Prinsjesdag speech: Full text
4 years, 3 months ago

King Willem-Alexander's Prinsjesdag speech: Full text

NL Times  

In his Budget Day address on Tuesday, Dutch King Willem-Alexander said that the people of the Netherlands deserved high praise for how they have handled the ongoing coronavirus crisis, and announced that the government will prepare for expected economic turbulence by investing more in job retention, infrastructure, strengthening the pillars of the economy, and a cleaner, more sustainable future. This …

Dutch gov't borrowed €66 billion for Covid support
4 years, 4 months ago

Dutch gov't borrowed €66 billion for Covid support

NL Times  

The Ministry of Finance already borrowed 108 billion euros this year, the vast majority of which is reserved to fund the nearly 60 different emergency measures to help the country through the coronavirus crisis. So far the government reserved 37 billion euros for the first two sets of coronavirus support measures. For example, the government set aside over 9 billion …

Dutch economy will take years to recover from Covid-19 crisis: Planning office
4 years, 4 months ago

Dutch economy will take years to recover from Covid-19 crisis: Planning office

NL Times  

The coronavirus crisis will cause long lasting damage to the Dutch economy, even if the virus is completely under control soon, according to central planning office CPB. The labor supply and investments will only recover in the long term - ten years or more, the CPB expects. "That does mean that we missed out on two years of economic growth," …

Dutch economy expected to grow again next year, Covid-19 effects to linger
4 years, 4 months ago

Dutch economy expected to grow again next year, Covid-19 effects to linger

NL Times  

The Dutch economy will shrink by 5.1 percent this year, but recovery will start at the end of the year and in 2021 the economy will grow by 3.2 percent, according to central planning office CPB's draft-macroeconomic foresight studies. The effects of the Covid-19 crisis will linger, however, with unemployment rising to 7 percent next year. Household consumption will decrease …

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